Hi Friends,

I had been to the FAIRPRO '09 Fair.My Impression after seeing, is that prices are stagnating for all ongoing projects and builders are trying hard to hold them up.

Prices are 10-20% lower for new projects in the pipeline and for ready to occupy flats.

The discount offered at the stall was very less and were in the range 150-500 Rs/sqft max.

For the benefit of fellow members I am posting the project/price details of some of the properties.



Akshaya Foundations

Adora - OMR - 3750/sqft
Aikya - Adyar - 12500/sqft

Alliance Group - Orchid Springs - 3199/sqft

Arihant Foundations

Heirloom - Thalumbur - 2499/sqft
Escapade - Thoraipakkam - 4150/sqft
Villa Viviana - Maramalai nagar - starting from 1 Crore

Asvini Foundations

Amarisa-phase1 - Ramapuram - 4500/sqft
Amarisa-phase2 - Ramapuram - 4250/sqft
Akshita - Madipakkam - 3800/sqft

Casa Grande

Riveira - Palikkarnai - 3450/sqft - before discount 3600/sqft
Silver Oak - Perungudi - 4300/sqft - before discount 4500/sqft
Madhuban - Madipakkam - 3300 /sqft - before discount 3500/sqft
Mylapore - R.K.salai - 12500/sqft
Plots
Ponmar -785/sqft - before discount 825/sqft
Maraimalainagar - 790/sqft - before discount 825/sqft

CeeDeeyes - Chenni Pattinam

Basic Rate - 1600/sqft All Inclusive - 2075/sqft

Chaitanya shanthiniketan

Sunnyvale - Ayanavaram - 4850/sqft
Serena - Rajkilpakkam - 2550/sqft
Gardenia - OMR - 1900/sqft
Green Park - Chitlapakkam - 3300/sqft

DLF

Gardencity - 3200/sqft - was told slash in prices expected in coming weeks.

Doshi Housing

Etopia I and II - Perungudi - 3895/sqft
Nakshatra - Tambaram - 2995/sqft - Completion May 2010
Tranquil - Velachery - 5500/sqft - Completion February 2010
Trinity park - Santhoshpuram,Vengaivasal - 3195/sqft - Completion April 2009
Serene Couny-Villas - Santhoshpuram,Vengaivasal - 2200,2600/sqft
LlanStephan - Chetpet - 9000/sqft - Completion May 2009
Sri Mahalakshmi - Ayanavaram - 4495/sqft - Ready to Occupy

ETA

Rosedale - OMR - 3100/sqft
Le Chalet - Villas - Sriperambudhur - 26 Lakhs - 37 Lakhs

Hiranandani Upscale - 4200/sqft

Hiranandani Palace Gardens - 3475/sqft

Indus Housing

anantya - Navalur,OMR - 2299/sqft + 400(other charges)
riviera villa - Navalur,OMR - 90 Lakhs onwards
habittera - urapakkam,GST - 2399/sqft + 400(other charges)
amber - Saidapet - 4750/sqft

Jain Housing

Ankush Prakas - Kilpauk - 7500/sqft - Ready to occupy
Amrit Kailash - Strahns Road - 4500/sqft - Ready to occupy
La Gardenia - Nungabakkam - 7500/sqft - Ready to occupy
Ansruta - Valluvarkottam, nungabakkam - 10000/sqft - Ready to occupy
Antariska - Kodambakkam - 4500/sqft - Ready to occupy
Eiffel Garden - Vadapalani - 4250/sqft - Ready to occupy
Saagarika - M.R.C Nagar, sea facing - 10000/12500 - Ready to occupy
Green acres - Pallavaram - 3900/sqft - Ready to occupy
Abhishek - Selaiyur - 3500/sqft - Ready to occupy.

Jamals

Orchid - Palikkarnai - 3500/sqft
Palazzo - keelkattalai - 3700/sqft
Grandeur - Velappanchavadi(near saveetha dental college) - 3200/sqft

KGEYES

3 Projects on L.B.Road, Thiruvanmiyur - 6650/sqft
Delmare - Beach road,Thiruvanmiyur - 7000/sqft
Carolina - Velachery,Taramani - 4500/sqft
Swathi - Sastri Nagar,Adyar - 8500/sqft
Kalakshetra - 8000/sqft

Landmark Constructions

Tiara - Perungudi - 4000/sqft - Completion on August 2009
Aston Ville - Vadapalani - 5500 sqft - Completion on July 2009
Tudors Place - K.K.Nagar - 6500/sqft
The Address - Adyar - 11500/sqft
The Grange - Palavakkam - 7500/sqft
Cenralia - Chrompet - 2950/sqft - prelaunch
Gem Towers - AnnaNagar - To be launched.
Mahalakshmi Heights - Ashok Nagar - To be launched

L&T Estancia
Construction in Progress
1st-3rd Floor - 3950/sqft
4th -12 floor - floor rise charge of 20/sqft for each floor
13th - 17th - 4450/qft

L&T Eden Park - 3600/sqft

Mantri Synergy - OMR
2800/sqft - with 20/floor rise
Special offer - First Floor - all inclusive
1140 sqft - 33,67,000
870 sqft - 28,50,000

Navin Housing

Dayton Heights - Nelson Manickam road - 6500/sqft + 30/sqft floor rise from 2nd floor
Subha Mangala - Ramapuram - 4200/sqft
Brookfield - Nanmangalam - 3500/sqft
Merrylands - Medavakkam - 3500/sqft

Olympia Opaline - 3441/sqft - spl budget flats available

PACE Builders

Anna nagar west - 4195/sqft - before discount 4495/sqft
Selaiyur - 3195/sqft - before discount 3495/sqft
Valasarvakkam - 2795/sqft - before discount 3295/sqft

PS Srijan

The Grand - Velachery - 5250 sqft - before discount 5500/sqft - Floor Rise applicable from 4th floor

Rajparis

Harmony - Medavakkam - 3100/sqft

Rajarathnam Constructions

RC Prince Gardenia - Perambur redhill road,Kolathur - 3600/sqft

Rajkham

Independant houses - Ayyapathangal - 2600/sqft

Real Value

Sai Skanda - Velachery - 4200/sqft
Sai Surya - Palikaranai - 3800/sqft
OMR opp SIPCOT - 13.20 Lakhs onwards

Shriram Properties

Trishakti - SIPCOT - 2750/sqft
Shankari - 1990/sqft

Sidharth foundations

Tulip - k.k.nagar west - 4800/sqft - completion march 2009
Natura - medavakkam - 3100 /sqft - completion july 2009
Visvaleela - Annanagar - 8500 /sqft - to be launched
Dakshin - Urapakkam - price TBD - to be launched
upcoming projects in porur, thoraipakkam, rajkeelpakkam, mogappair.

SIS

Safaa - Urappakam - 3150/sqft

SSPDL

Crescent - Kelambakkam - Vandalur Road - 2500/sqft
Upcoming 2 villa project one in OMR and one in Sriperambathur.

Sumanth & Co

Thiruvanmiyur - 6000/sqft
Besant Nagar - 11500/sqft

TVH

Lumbini square - Pursaiwalkam - 5500/sqft + 30/sqft floor rise from 5th floor
Ouranya Bay(Premium) - OMR,Padur - 3100,3200 + 25/sqft floor rise from 5th floor
Ouranya Bay(Budget) - 2bhk - 20 Lakhs
3bhk - 30 Lakhs
Ekanta - Coimbatore - 3100/sqft
Revata - Mogappair east - 4500/sqft
Kamya - K.K,Nagar - 7000/sqft
Metro Golden Nest - Sriperambathur - 1bhk - 15 Lakhs
2bhk - 22 Lakhs
3bhk - 28 Lakhs

VGN Group

Minerva - Mogappair,Nolumbur - 2975/sqft
3 in 1, 4 in 1 - 3800/sqft
Mahalakshmi Nagar,Thiruverkadu - 3500/sqft
Plots
Mugalivakkam - 52 Lakhs/grnd
Selaiyur - 50 Lakhs/grnd
SPKoil - 34 Lakhs/grnd
Katankulathur - 22-27 Lakhs/grnd

Yuga Homes

Shem Park - chemmenachery - 3300/sqft
Upcoming in Koyambedu, R.A.Puram(8000/sqft)



There are lots of properties and also lots of potential buyers.There is sure a sense of uncertainity among the builders and also the buyers on when to make the next move.It was evident that correction in RE prices have started to happen.

Requesting members to respond with their thoughts on the current trend.
Read more
Reply
2357 Replies
Sort by :Filter by :
  • So much unsold units in an end user based city like Chennai too!

    The table in the below article is confusing.

    Why finance minister P Chidambaram is worried about flat housing market - The Economic Times
    CommentQuote
  • Originally Posted by Garuda
    So much unsold units in an end user based city like Chennai too!

    The table in the below article is confusing.

    Why finance minister P Chidambaram is worried about flat housing market - The Economic Times



    The example below quoted by a home buyer shows the point I mentioning


    In the past three years, the Delhi-based brand consultant, who earns about Rs 15 lakh per annum, has made over a dozen failed attempts to buy a house in Noida, a suburb of Delhi.

    "I keep deferring my plans, hoping that prices will come down in next three months, but it only moves upwards unhindered. I've revised my budget multiple times, and it's now Rs 60 lakh from the original estimate of Rs 35 lakh. But owning a house remains a distant dream because a ready-to-move-in house costs nothing less than a crore," explains Parmar
    This is true for Chennai too and there are many such places just outside city which are facing huge price increase.

    One of the main reasons for such haphazard pricing nowadays is due to the launch of some "premier" builder's project in some area who raises the bar to the next level and others start following him. Here the small builder doesnt know a thing about why the top builder chose to quote X Rs for a project and he simply raises his price of a kachra project!

    If a builder faces price increase due to increasing input cost like labor, raw material its ok, but quoting other builder's value as a benchmark is a bad sign of growth, esp in surburbs and areas recently added to city limits!

    If this is the case for a person earning 15L, what will happen to a guy earning 20 K per month in a decent job after good performance. Hmm! Strange ways of the RE world!
    CommentQuote
  • Waiting for today's Neeya Naana show between RE developers and buyers!
    The promos show a developer calling buyers in the show as fools!

    Even in a similar show long time back, the developers were openly saying to buyers side that if they want a home better spend money else keep you mouth shut and sit in a rented flat!
    CommentQuote
  • Originally Posted by ramki830

    1. Weather - Chennai scores poor and everyone incl diehard chennai resident like me would agree. Which means, those from outside who come to Chennai for employment will choose the city only if the income (be it a shopfloor worker or construction labourer or a high end executive) is substantial and competitive.

    2. water - Shortage means costlier water and this does affect the business prospects of some like restaurants.

    3. Language is also a barrier to some extent. Most people in city can understand english but if a North easterner boards an auto or bus, he or she is in for some difficulty.

    4. And because the state (districts of TN) are relatively much developed, labourers from interior TN come to city only at a price..

    I feel that due to these 4 factors, labour cost is higher and cost of doing business is somewhat higher in Chennai. All these are not big negatives but i feel these could be reasons why Chennai's infrastructure development is slow , esp in suburbs.


    Weather has got a bad name but it is not necessarily the worst as nowadays we have ACs everywhere.

    Delhi (NCR) has the worst weather in the country (hottest and coldest metro), has the best performing RE market. Everyone wants to migrate there.

    Water situation has become much better with RWH. But I agreeoutsiders associate Chennai with water shortage, will change soon.

    Language is a big issue.
    Govt should stop aggresive tamilianization. It is ridiculous that they try to force it on other minority groups.
    Why should stores have tamil signs compulsarily. It is a decison of the store owner on the type of crowd he wants to attract. Samething with every thing.
    Migrants from other parts of TN also make it worse as they disturb the cosmopolitan nature of Chennai.
    If this becomes worse, more and more minorities will stay away from tamilians and eventually Chennai.

    Govt should start adopting English in all white collar jobs and developmental projects. They need to make the city more cosmopolitan, something like Bangalore.

    I fully agree on the labor scarcity. It is worse in all southern cities.
    CommentQuote
  • Comments in Bold!

    Originally Posted by ramki830

    1. Weather

    True! Chennai altho is not as hot and humid as Mumbai, has this unique tag or impression as being hotter than Sahara desert. But I guess this is just an impression as Hyderabad is also very hot! But being a coastal area Chennai cant avoid it! We also don't have much greens!

    3. Language is also a barrier to some extent. Most people in city can understand english but if a North easterner boards an auto or bus, he or she is in for some difficulty.


    This is a serious issue. I have been asnwering questions from my delhi and Banglore friends who keep asking, why dont ppl in Chennai answer even if they understand Hindi !

    The one who was the reason behind this has seen to it that his family is versatile in Hindi and all other languages as Hindi is required for all discussions with Power Center! ;-)

    But some of my Tamil speaking friends have learnt, after thier stints in Noida, Bangalore etc, that "Who needs 'Atha hai, Jatha hai" and other such rigidity is now hurting them !

    CommentQuote
  • That's too rude....that too in a talk show :(

    Originally Posted by vettipayyan
    Waiting for today's Neeya Naana show between RE developers and buyers!
    The promos show a developer calling buyers in the show as fools!

    Even in a similar show long time back, the developers were openly saying to buyers side that if they want a home better spend money else keep you mouth shut and sit in a rented flat!
    CommentQuote
  • Originally Posted by braveman
    That's too rude....that too in a talk show :(


    :-) True! Gopinath threatened to throw him out for such words!

    On unfortunate thing is that the show turned out to be Land sellers vs buyers who lost money in land..

    I would have liked them to focus on Apartment market too! Cos that's where a common man's dream is running out!

    The main point of Sellers was : Its buyers greed that they are trying to capitalize, as they have the resource and power to do so

    The main point of Buyers was: Why such exorbitant rates for Land where no development exists or is promised? Why plotted community is not maintained for the accepted duration?

    General points: Commercial property in Mount Road is lying unused with no takers even for 6500 rs psft. 1 Ground in Ponmar is only 8 L

    Expert opinion: Too much black money, no regulation in prices, bad trend and hapazard allotment of land for residential use will lead to total degradation of soil and hence agricultural land!

    Stats : 10 crore people in city are without own home and 6 crore flats are empty! There are huge amount of buyers with more than one home and the city is being grabbed by the rich! Hence this is causing an unfair market!

    Funny incident: When a buyer asks what is there in Navalur to charge 1 Cr a ground, An over acting seller with tie (one who thinks he is a great mktg mind) replies there is a theatre! Then continues to ask the buyer why he stays in Alwarpet and answers himself that all facilities available in Alwarpet are in Navalur :-) Ofcourse he was laughed at!

    Irritating point: Sellers say that they will continue to increase prices and no proper reply!
    CommentQuote
  • Thanks for updating. Is this on you tube or something.

    Stats : 10 crore people in city are without own home and 6 crore flats are empty! There are huge amount of buyers with more than one home and the city is being grabbed by the rich! Hence this is causing an unfair market!


    Not sure if the stats are exagerrated, there are less than 1 crore people in the city. Whole of TN has 7 crore people so there cannot be 6C flats.

    India has a big rich poor divide, we are a capitalistic society. There is no way of getting around it. As we develop, the lower end of the socitey will also develop as they will get the maximum wage growth. An unskilled day labor's salary has went to 500/day now. It was 300 until 3 years ago. I am sure the rich guy's pay did not go up that much. As time goes by, the blue collar labor will start making money close to median wage. So we do not have to worry about it, free economy will take care of itself.

    Same thing we do not have to worry about rich people buying multiple houses. They cannot keep it under lock forever. They will rent it out, this will enable very good rental rates for people who cannot afford. India's rental yeild is lowest that helps the poor a lot.

    When it comes to land, I do agree there is land hoarding.
    It is not rich people even middle class people are the biggest hoarders, buying up land and not building anything on it.
    If the developer gets cheap easy land, he will make cheap flats. Hoarding land backfires by making apts expensive especially in outskirts.
    This is bad for RE affordability.
    The only way I see is there needs to be some kind of vacant land tax. It should be 4-5% of the property value every year. If the property tax is not paid for 3-4 years they should auction off the landed property.

    We need to discourage plot ownership. Plots should be registered with a high stamp duty. May be they can charge 20% stamp duty and refund 12% of it when the building/house is complete.

    Govt can make a lot of money and bring down the housing prices in the suburbs this way. This will make life easier for all, buyers, builders and govt.
    CommentQuote
  • Originally Posted by k11
    Thanks for updating. Is this on you tube or something.

    Neeya Naana 26-08-12-Vijay TV show
    CommentQuote
  • Originally Posted by k11

    Not sure if the stats are exagerrated, there are less than 1 crore people in the city. Whole of TN has 7 crore people so there cannot be 6C flats.

    I think the stats was for whole of India, not just TN.
    CommentQuote
  • Originally Posted by k11
    ]
    The only way I see is there needs to be some kind of vacant land tax. It should be 4-5% of the property value every year. If the property tax is not paid for 3-4 years they should auction off the landed property.

    We need to discourage plot ownership. Plots should be registered with a high stamp duty. May be they can charge 20% stamp duty and refund 12% of it when the building/house is complete.

    Govt can make a lot of money and bring down the housing prices in the suburbs this way. This will make life easier for all, buyers, builders and govt.



    Great ideas. Unfortunately, many politicians hold acres of land, so hard to see any such regulation policy in near future.
    CommentQuote
  • They were discussing mostly about land/plots rather than apartments. Anyways it was interesting.
    CommentQuote
  • This goes back to our discussion, did the plots really appreciate in the last three years in the outskirts.
    CommentQuote
  • People who are the market will say yes. I was planning to buy 1 ground plot in Kelambakkam last year to build rental units, land cost was 25 lacs. Today you can't get a good plot for less than 40 lacs.

    My relative sold house in chromepet for 75 lacs in 2010. His brother who owns a house few feet away decided to sell this year and he got offer for 1.25 crores.
    CommentQuote
  • Originally Posted by Love4land
    My relative sold house in chromepet for 75 lacs in 2010. His brother who owns a house few feet away decided to sell this year and he got offer for 1.25 crores.


    Then why are apts in Chrompet still languishing at around 4K. Mantri at 3850 was my reference.

    Should it be 6K now using the same return.
    CommentQuote